UPDATE: Citi Raises PT on Cablevision Systems to $33

Citi is out with its report today on Cablevision Systems CVC, raising its PT from $30.79 to $33. In a note to clients, Citi writes, "We value Cablevision using our 2012 free cash flow estimate. Applying 12.0x to our 2012 free cash flow estimate of $2.71 to get ‘core' equity value of $32.58 per share. We add $1.31 for the present value of NOLs and remove $0.76 for the unwinding of the economic stimulus to get our revised price target of $33; Reiterate Buy." At the time of posting, shares of CVC were trading at $24.99, down 0.99% from Wednesday's close.